CDL’s third enhancement initiative in the Central Area
CDL’s third enhancement initiative in the Central Area. City Developments Limited (CDL) would develop a substantial mixed-use complex around its Central Mall properties after the proposed acquisition of Central Square for a purchase consideration of S$315 million. The 99-year leasehold commercial and residential construction known as Central Square is situated at 20 Havelock Road and includes a serviced apartment as well as commercial facilities, including offices and retail outlets. The lease still has roughly 72 years to run.
Sherman Kwek, Group Chief Executive Officer of CDL, said that “the strategic acquisition of Central Square crystallizes our master plan to shape the precinct’s development into a fresh and lively living center.” This unique chance for placemaking strengthens our involvement in the redevelopment of the Singapore River area and is consistent with our upgrade strategy to unlock the full potential of our mature assets. The larger property allows us to plan and design the entire region with a comprehensive strategy and to sculpt the public realm to optimize value for all parties associated with this precinct. The reconstruction of Central Mall and Central Square is our third revitalization project to alter the cityscape in the Central Area.
In addition, CDL and CapitaLand Development are currently transforming the former Liang Court site into an integrated project that includes the 696-unit CanningHill Piers, the tallest residential building along the Singapore River, CanningHill Square with F&B and retail establishments, a 475-room hotel run by Marriott International under the Moxy brand, and a 192-unit serviced residence with a hotel license run under the Somerset brand.
The former Fuji Xerox Towers at 80 Anson Road are currently undergoing redevelopment as part of the CBD Incentive Scheme by CDL. The proposed renovation will consist of a 45-story mixed-use integrated complex. In the event that the necessary authorities approve, 40% will be reserved for office and retail use, 35% for residential use, and 25% for serviced apartments. In the second half of 2022, the residential component, which will feature about 256 units, will open.
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